Bima Bachat (916)

  • Plan : Bima Bachat (916)
  • Product Summary : Bima Bachat (916) Plan is a single premium, non-linked, with profits Money Back type Plan.
  • Premium Payment Mode: Single Premium
  • Term : 9 Year, 12 Year, 15 Year
  • Minimum Entry Age : 15 Year Completed
  • Maximum Age at Maturity:
    Term 9yr then 59yr (Nearest Birthday)
    Term 12yr then 62yr (Nearest Birthday)
    Term 15yr then 65yr (Nearest Birthday)
  • Maximum Entry Age : 50 Year Completed
  • Minimum Sum Assured :
    Term 9yr then 35,000
    Term 12yr then 50,000
    Term 15yr then 70,000
  • Maximum Sum Assured : NO LIMIT (Depending upon Income)

Policy Benefits :

On Death :
During 1st five years policy years : Sum Assured only.
After completion of five policy years : Sum Assured + Loyalty Addition, if any.

On Survival :
For Policy Term of 9 years : 15% of SA, after 3rd and 6th policy year.
For Policy Term of 12 years : 15% of SA, after 3rd ,6th and 9th policy year.
For Policy Term of 15 years : 15% of SA, after 3rd ,6th,9th and 12th policy year.

At Maturity Time :
Single Premium Paid + Loyalty Additions, if any.

Surrendered Value :
The policy can be surrendered at any time during the policy term subject to realization of the premium cheque.

Guaranteed Surrender Value :
First year: 70% of the Single Premium excluding taxes and extra premium,if any.
Thereafter: 90%of the Single Premium excluding taxes, extra premium, if any and all survival benefits paid earlier.

Loan :
Loan facility is available under this plan at any time after completion of one policy year.

Income Tax Benefit :

  • Premium paid under this plan is eligible for TAX rebate under section 80c.